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Tata Motors buys majority stake in Norwegian co
October 14, 2008 15:13 IST
Auto manufacturer Tata Motors [Get Quote] on Tuesday said it has acquired majority stake in Norwegian innovative solutions maker for electric vehicles Miljo Grenland Innovasjon, with which it is developing the electric Indica in the country.
The company's UK subsidiary -- Tata Motors European Technical Centre Plc -- has acquired 50.3 per cent holding in Miljo for 12 million krone (Rs 9.40 crore), Tata Motors said in a statement.
"Miljo will produce electric vehicles based on Tata Motors' products, besides manufacturing of state-of-the-art super polymer lithium ion batteries and the development of related technologies," the company said.
The investment would help it realise its strategy to develop convenient, affordable and sustainable mobility solutions through electric and hybrid vehicles, it added.
The first such vehicle to be developed by the company would be the electric version of Indica. It is scheduled for launch in Europe next year.
The car -- Indica EV -- would be capable of carrying four people with a predicted range of up to 200 km and acceleration of 0-60 kmph in under 10 seconds.
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